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PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS

PENN TREATY AMERICAN CORPORATION REPORTS IMPROVED THIRD QUARTER EARNINGS
    ALLENTOWN, Pa., Nov. 7 /PRNewswire/ -- Penn Treaty American Corporation (NASDAQ: PTAC) today announced the company's third quarter and nine month 1991 operating results.
    Net income for the three months ended Sept. 30, 1991, totaled $1,623,545, a 110.5 percent increase over net income for the prior year's comparable period of $771,305.  Earnings per share for the period increased 116.6 percent to 52 cents per share from 24 cents for the same period in 1990.  Earnings per share benefited from a reduction in the weighted average number of shares outstanding as a result of the stock repurchase program the company initiated during 1990.  Premium revenue for the quarter climbed to $13,005,385, a 29.1 percent increase over the previous year's three month total of $10,071,889.
    For the nine month period ended Sept. 30, 1991, net income rose to $4,855,539, up 35.9 percent from the $3,573,549 nine-month total for 1990.  Earnings per share for the same period have increased 39.6 percent from $1.11 to $1.55 and premium revenues increased 35.2 percent from $29,157,348 for the first nine months in 1990 to $39,432,450 for the first nine months of 1991.
    President and Chief Executive Officer Irving Levit expressed satisfaction with the company's year-to-date results:  "We have begun to benefit from rate increases that were applied to our in-force Medicare supplement business, and loss ratios for this line of business have stabilized.  Both of these factors diminished our third quarter results last year and I am pleased with the results produced by our corrective measures."
    Penn Treaty American Corporation, through its wholly owned direct and indirect subsidiaries, Penn Treaty Life Insurance Company, Network America Life Insurance Company and Cher-Britt Service Company, is primarily engaged in the underwriting, marketing, sales and service of individual fixed, defined benefit, accident and health insurance products principally covering long-term nursing home care and home health care.  The company is licensed to conduct business in 44 states and the District of Columbia.
    /delval/
    -0-                         11/7/91
    /CONTACT:  Irving Levit, president and chief executive officer of Penn Treaty American, 215-965-2222/
    (PTAC) CO:  Penn Treaty American Corporation ST:  Pennsylvania IN:  INS SU:  ERN CC-JS -- PH015 -- 2229 11/07/91 12:33 EST
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Publication:PR Newswire
Date:Nov 7, 1991
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